CPAs and Advisors with Your Growth in Mind

DoD’s Final Rule on Counterfeit Electronic Parts Safe Harbor

On August 2, 2016, the Department of Defense (“DoD”) issued its final rule on Detection and Avoidance of Counterfeit Electronic Parts—Further Implementation. The rule amends the Defense Federal Acquisition Regulation Supplement by laying a safe harbor related to counterfeit and suspect counterfeit electronic parts. The safe harbor has three parts: The contractor must establish and maintain a system to detect and avoid counterfeit and suspect counterfeit electronic parts. The contractor must obtain review and approval of its system from DoD. The counterfeit or counterfeit suspect electronic parts must have been provided to the contractor as government property, or the contractor. Read More.

Topics: , , , , ,

No More “Telegraph” and “Telegram” in the FAR?

On June 6, the Federal Register included proposed rules to remove references to “telegram,” “telegraph,” and other related terminology in the Federal Acquisition Regulation (“FAR”) and replace them with electronic options for communications. These two forms of communication are outdated in our technologically driven world. A telegram is “a message sent by telegraph and then delivered in written or printed form” while a telegraph is “a system for transmitting messages from a distance along a wire, especially one creating signals by making and breaking an electrical connection.” Most, if not all of us communicate on very different platforms today. This. Read More.

Topics: ,

Changes Are Coming to GAO… And You Still Have Time to Comment on Them

In the Federal Register dated April 20, 2016, the Government Accountability Office (“GAO”) revealed its plan for complying with Sec. 1501 of the Consolidated Appropriations Act for Fiscal Year 2014. That legislation directed GAO to establish and operate an electronic filing and document dissemination system for the filing of bid protests with GAO. GAO also proposed other amendments to its Bid Protest Regulations to codify longstanding practices and otherwise streamline bid protest processes. Comments on these proposed changes are due to GAO by May 16, 2016. Information on submitting comments is on the first page of the Federal Register notice.. Read More.

Topics: , ,

Prohibition of Reimbursement of Congressional Investigation Costs

On February 17, 2016, the Federal Register published a proposed rule that would prohibit government contractors from claiming costs incurred in response to a congressional investigation or inquiry that is the subject matter of a proceeding resulting in a disposition as described in 10 U.S.C. 2324(k)(2). As a refresher for those who are lucky enough to not deal with legal expense on a recurring basis, 10 U.S.C. 2324(K)(2) – Allowable Costs Under Defense Contracts, states that a disposition includes any of the following that results from a violation or failure to comply with, a Federal or State statute or regulation: A conviction. Read More.

Topics: , , , ,

Department of Defense Continues to Tinker with the Allowability of IR&D

Beginning in 2011, the Department of Defense (“DoD”) began making changes to the supplemental cost principle on Independent Research and Development (IR&D) found at the Defense Federal Acquisition Supplement (DFARS) 231.205-18. These changes have not affected the definition of IR&D found at Federal Acquisition Regulation 31.205-18. Instead, they have addressed what certain contractors must do in order for their IR&D costs to be allowable on government contracts. The latest proposed change in the allowability requirements set forth in the DFARS was published in the Federal Register on February 16, 2016 . The proposed change reformats the existing DFARS 231.205-18(c)(iii)(C) and adds a new requirement that reads: For IR&D projects. Read More.

Topics: , , , , , ,

Interim Rule Issued for FAST Act Disclosure Requirements

Providing guidance for the implementation of Sections 71003 and 84001 of the Fixing America’s Surface Transportation (FAST) Act, the Securities and Exchange Commission (“SEC”) has issued the Interim Final Rule, Simplification of Disclosure Requirements for Emerging Growth Companies and Forward Incorporation by Reference on Form S-1 for Smaller Reporting Companies. Sections 71003 and 84001 of the FAST Act require the SEC to update Forms S-1 and F-1 to allow emerging growth companies to exclude financial information for certain periods, and amend Form S-1 to allow incorporation by reference for smaller companies. The interim rule will be effective upon its publication. Read More.

Topics: , , , , ,